Bitcoin Treasury Companies Face NAV Collapse: Retail Investors Lose Billions

The cryptocurrency industry is experiencing a shakeout as net asset values (NAVs) in digital asset treasury companies plummet. This decline marks the end of an era where these firms used inflated valuations to attract retail investors, leading to billions in losses for shareholders and executives accumulating real Bitcoin. 10x Research highlights this trend by using Metaplanet, a prominent example of such a firm, which saw its market capitalization evaporate from $8 billion supported solely by $1 billion in Bitcoin holdings to just $3.1 billion backed by $3.3 billion in BTC.